The short answer is you drive the LS with a *known current* (traditionally 'full blast', 350 mA), that is you 'light it up' and use your DMM to measure the voltage across it. Don't worry about polarity, if it's lit, it's forward biased. Big V means a voltage, the small f means to measure the voltage when *forward* biased (on), the specs say how much.
If you're driving from a 'stiff source' (as in DD), Vf is drive voltage by definition. Current needs to be determined.
FWIW, I have a pair of 'LM317 fixed current regulators' I use for this, one has 51 ohms for 25 mA testing of 3 and 5 mm units, the other 3.6 ohms for 350 mA testing of LS units.
Under a buck each, always there when I need them, the smaller one has a 9 Volt battery clip.
Doug Owen